Hurricane Sandy: NEFCU Receives Small Business Loan Expeditor Approval
The $1.9 billion NEFCU said it can now expedite business loans and lines of credit to help those recovering from the devastation of Hurricane Sandy.
The Westbury, N.Y.-based cooperative said it recently received NCUA approval to become a small business loan expeditor.
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The designation allows NEFCU to streamline the loan application and underwriting process with the singular goal of making business loans and lines of credit as readily available to members as possible, according to the Long Island credit union.
“We know that Hurricane Sandy brought significant losses to many of our members, neighbors and communities. NEFCU is pleased to be able to honor our longstanding tradition of providing real value to our membership, further supported by this NCUA designation,” said Edward Paternostro, president/CEO of NEFCU.
After Hurricane Sandy hit, the credit union rolled several forms of relief to assist impacted members including loan deferrals and discounts on auto loans.
NEFCU serves nearly 150,000 members.